The Pension Sharing (Pension Credit Benefit) Regulations (Northern Ireland) 2000

Transfer payments to salary related contracted-out schemes

18.  A transfer of any liability in respect of safeguarded rights may be made to a salary related contracted-out scheme if—

(a) the person with pension credit rights consents;

(b) the transfer payment (or, if it forms part of a larger payment giving effect to both safeguarded and other rights, that part of it which gives effect to safeguarded rights) is of an amount at least equal to the cash equivalent of the safeguarded rights to which effect is being given, as calculated and verified in a manner consistent with regulations 3 to 7 of the Valuation Regulations;

(c) the person with pension credit rights is employed by an employer who is a contributor to the receiving scheme, and

(d) the transfer payment is applied to provide rights for the person with pension credit rights which, had they accrued in the receiving scheme, would be provided in accordance with the rules of the receiving scheme relating to earners who are in employment which is contracted-out in relation to the receiving scheme or have been in employment which was so contracted-out on or after 6th April 1997.